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Every Event is a Networking Event

I was recently reminded of the fascinating story of Joe Girard. Decades ago, Joe was listed in the Guinness Book of World Records as the greatest car salesman in the world. What was the secret of Joe's success? One word: Networking.Click to continue

Successful Behavior: It All Boils Down to Focus

I spend a lot of time thinking and studying about what makes people successful. My very livelihood centers around how mortgage leaders can steer their companies toward success, so it's a very important issue to me. Much of what I've written about focuses on the traits and characteristics of leaders. For this article, I would like to focus on one important behavior for successful leadership.Click to continue

Consumer Inquiries About Interest Rates

Question: We have loan officers that speak to consumers by phone or face-to-face and are constantly being asked the interest rate by these consumers. But we do not know if they are supposed to be quoting just the interest rate or also the Annual Percentage Rate (APR). Should we provide the interest rate in terms of the APR?Click to continue

Successful in Any Climate: The Importance of Adapting

Last week during the Labor Day Holiday, I had the opportunity to visit the lake region of Minnesota. The weather could not have been more perfect. The sun was shining brightly in the clear blue skies and the temperature hovered in the mid-70s. For a Minnesotan, I would imagine that such weather was paradise. But, I'm from Texas. I'm used to it being a bit warmer and, to me, the Minnesota air over the Labor Day Holiday seemed a bit chilly.Click to continue

HECM Protects Non-Borrowing Spouses (Part V): Contain and Dismiss

If there was a plan behind HUD’s initial response to the non-borrowing spouses’ (NBS) lawsuit in March 2011, it could be described as contain and dismiss. In other words, contain aspects of the case that can be contained and move to dismiss uncontainable parts.

The non-recourse part, which exposed the subsection-j problem, was containable so HUD moved to revoke Mortgagee Letter 2008-38 within a month of the lawsuit (see part 4). For the volatile subsection-j (or failure-to-protect) part, HUD pushed for dismissal.Click to continue

Regulating From Within: The Key to Restoring Confidence

If there is one hot topic that has been circulating the industry press in the recent years, it would have to be regulation. Since the financial crisis of 2008, new regulations have flooded into our industry and we are struggling to keep pace with compliance even more than we are struggling to get buyers to purchase mortgage. Why do we have to deal with so much regulation? I think the answer is obvious.Click to continue

Do Millenials Know the Value of Homeownership?

With millenials now being the most populous generation inhabiting the planet, we as mortgage professionals face a peculiar challenge in keeping our industry alive. The general idea about millenials, whether or not it's true, is that they aren't really that interested in homeownership. They move around a lot, and change jobs frequently. They aren't interested in "the finer things" like they're parents were. They're economically flexible and not materialistic in the least.Click to continue

Customer Education: For Your Company and for the Industry

When we talk about education in the mortgage industry, we are often referring to educating employees. We want to make sure our team is equipped with the appropriate qualifications and credentials to serve our customers. But what about a different kind of education? What about educating the customers themselves?Click to continue

HECM Protects Non-Borrowing Spouses (Part IV)

The HECM Non-Recourse Connection
It was one of the puzzles of the non-borrowing spouses’ (NBS) litigation saga which began in March 2011. Within a month of Bennett v. Donovan, in which non-borrowing spouses sued HUD alleging failure to protect them from displacement when their borrowing spouses died (as required by HECM law), HUD took a seemingly unrelated action.Click to continue

Vendor Education: Providing Your Partners with What They Need

When we think of education in the mortgage industry, we often think of internal education. That is, we think of providing education for our employees so that they may better serve our customers. We place a great deal of importance on getting the appropriate certifications and qualifications for those in our company. But that isn't the only education that matters ...Click to continue